Although import wire rod offers from Turkey to the US had started to finally dip in the last few weeks, sources tell SteelOrbis that Turkish mills are raising offers on the CFR level this week due to a combination of factors. First, scrap prices in Turkey are slightly higher this month, and second, Turkish mills observed the $0.75 cwt. ($15/nt or $17/mt) price increase announcement for wire rod prices in the US domestic market, and traders say they believe they can ask for more if the US market is trending up. However, the US increase announcement was more of a formality than actual market-adjuster, and so traders are not changing their Turkish wire rod offers in the range of $32.00-$33.00 cwt. ($640-$660/nt or $705-$727/mt) DDP loaded truck in US Gulf ports quite yet, waiting to see how the uptrend attempt plays out.
Meanwhile, US mills are still “putting the squeeze” on smaller customers in an effort to get something from last month’s price announcement, but overall, US domestic spot prices are still firmly in the range of $32.50-$33.50 cwt. ($650-$670/nt or $717-$739/mt) ex-mill.